There are 50 million new startups launching every year in the world. But how many of those actually survive against the challenges and get to achieve the goals and how many among this count fails to overcome the hurdles and barriers. Launching a new business is not a big deal; the success starts to count if you have gone through the initial crucial stage successfully.If you are a new entrepreneur, you surely have come up with great vision and goals for the company. As a boss, your mind is over occupied with the challenges to settle your business. It’s always hard for new companies to step in and standout in this competitive market. In this hustle and bustle of the establishment of the new firm, there are certain factors which will eventually affect the company’s successful launch. There are challenges of arranging the workplace, streamline the processes and one of the most important factors is hiring the new talent who is going to make the future of your company.
Hiring is a risk-based process not only for new firms but for established companies too. Because one can’t predict who is going to be the asset for the firm and who will become a white elephant. Hunting for talent in a newly established firm is a positive sign; it indicates your company is growing. If you feel the need of hiring, it means there is plenty of work leading to more productivity. However, the strong judgmental sense and decision making power can be a game changer. There are certain challenges you face while hiring talent in new entrepreneurs.
1. Low Salaries:
Salary is an important factor job seeker counts on while joining the firm. It’s not possible to find the top talent with low salary expectation. As a new firm, while the company is not settled yet, one can’t afford to offer higher salaries and huge benefits to the employees. For Example Company car, Bonuses, house allowance etc. With low HR budget, it can’t be expected to attract executive level candidates who are of high demand in the market with better offers.
2. Lack of Planning:
As a new company, you don’t have any pre-defined HR policies and work frame to follow. The policies and HR process timeline has to be built from the scratch. It requires a symmetric planning and pre-defined strategy to keep the hiring process workflow in right track. It will not be good practice to get panic for fastest recruitment or not defining hiring plan prior to recruitment. The consequences will make the new firm suffer in the longer run.
3. Low Marketing Budget
Marketing campaign matters a lot in successful startup of your business. It is probably the first milestone you achieve if you have spread the word virally and your brand name is the new talk of the town. It certainly needs a specific business-oriented strategy. It’s hard for a new firm to consult specialized recruiter for hiring or marketing specialists for advertising. All one can do is to advertise on job boards and social media but at the initial stage, it’s curial to start a marketing campaign for hiring on a huge level.
4. Time Shortage
Initially, your company has a lot of work in pending status which needs to be streamlined by new hires. While it may be true that a new firm is in desperate need of new talent to full fill the vacant positions but on the same time, you can’t compromise on company’s goals and work quality. The company is not in a position to take the risk of the wrong hire. On can’t afford the panic hire. Best candidates are of high demand; they may have offers with well-established companies. This is a crucial stage to select wisely, efficiently anticipating the productivity of the selected candidates who will be making the future of the company.
5. Company Reputation
Company’s reputation does count in the hiring process. Candidates always look for the reputation of the company in the industry. Reputation is earned with years of quality services or products. It’s not something to achieve overnight. Earning a good reputation for a new firm would be a long journey. Initially, it would be hard to compete with those of highly reputed ones in the industry. To compete to their level the new firm has to double the workload, quality and time consumption.